Hanley Investment Group Sells New Mister Car Wash in Meridian, Idaho

Hanley Investment Group Sells New Mister Car Wash in Meridian, Idaho

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MERIDIAN, Idaho — Hanley Investment Group Real Estate Advisors announced in a press release that the firm arranged the pre-sale of a new property leased to Mister Car Wash in Meridian, Idaho.

Hanley Investment Group’s Executive Vice Presidents Bill Asher, Carlos Lopez and Kevin Fryman, in association with Oakmore Inc.’s Managing Partner Jeff Selick and ParaSell Inc., represented the seller and developer, an affiliate of Cadence Capital Investments of Greenwood Village, Colorado.

The buyer, a private investor from Salt Lake City, Utah, was represented by Cushman & Wakefield’s Executive Director Ralph Riedel, also based in Salt Lake City.

“We generated multiple competitive offers within the first week of marketing and procured an all-cash buyer who owned other similar net-leased investments in their portfolio,” said Asher. “We structured the transaction with a quick two-week due diligence period and a 30-day escrow. Our pre-sale marketing strategy allowed us to secure the buyer and successfully close escrow before the tenant opened for business. Overall, we sold the property in just 50 days from the formal marketing commencement to the close of escrow.”

According to Asher, Mister Car Wash signed a new, long-term, absolute triple-net ground lease.

The new 2024-construction, 5,381 square foot Mister Car Wash is situated on a 1.04 acre parcel at 675 SProgress Ave. at the signalized intersection of Main St. and Corporate Dr.

The property is near Interstate 84 (with 118,500 cars per day) and the Meridian Rd. exit (with 48,000 cars per day).

Existing tenants in the vicinity include a Walmart Supercenter, Lowe’s Home Improvement, The Home Depot, WinCo Foods, Starbucks, Wendy’s, KFC, Taco Bell and others.

Additionally, there is a proposed residential and retail development west of The Home Depot, featuring plans for 83 single-family homes, 45 townhomes, 280 apartments, a hotel, retail box and pads.

Within a five-mile radius of the property, there are over 202,000 people with an average household income exceeding $100,000, stated the press release.

The area experienced a remarkable 49% population growth from 2010 to 2020 within a three-mile radius.

Meridian, Idaho, and the Boise Metropolitan Statistical Area (MSA) rank among the top five fastest-growing cities and MSAs in the United States.

Headquartered in Tucson, Arizona, Mister Car Wash stands as the nation’s leading carwash brand and the largest carwash company in the U.S., operating over 475 conveyor carwashes nationwide, continued the press release.

With more than 25 years of carwash experience, the Mister team prioritizes operational excellence, speed and delivering a memorable customer experience through elevated hospitality.

The Mister Car Wash service menu offers several levels of carwashes, ranging from basic exterior washes to thorough detailing.

The company’s Unlimited Wash Club program represents the largest carwash subscription program in North America, boasting over 2.1 million accounts as of Dec. 31, 2023, stated the release.

According to the press release, monthly memberships contribute to 73.8% of the company’s total revenue.

In 2023, over 194,000 new members joined, resulting in a 10.3% growth in the member base.

Net revenue continues to climb, reaching $927.1 million — an increase of 5.8% from the prior year’s $876.5 million.

Founded in 1969, the company has steadily expanded and acquired smaller companies over the years.

Mister has averaged over 30 new locations each year over the last five years and has plans to open 20 more units by year-end.

An additional 300 projects are at various stages of development in its pipeline, stated the press release.

To support its growth trajectory, Mister Car Wash has focused on its people — building a solid headquarters and regional store support infrastructure, providing robust training to develop and promote talent, and offering best-in-class benefits.

“The express carwash business is a $15 billion industry, partly due to its advances in technology, such as mobile apps, on-demand services and subscription packages. These innovations have significantly increased efficiency and convenience, leading to a substantial rise in demand for express carwashing,” said Fryman.

“The buyer of the Mister Car Wash in Meridian acquired a best-in-class single-tenant net-leased investment in one of the fastest-growing cities in the country,” noted Asher. “Single-tenant retail buyers will continue to seek opportunities with these characteristics and more specifically, express carwashes, due to their initial long-term leases, substantial tenant capital investment into each location and high profit margins.”

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